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Are Short Sales The New REO

June 22, 2011 By Leave a Comment

I have been helping a lot of distressed home owners for the past couple of years and the link below explains what I have been experiencing. Banks are starting to realize that the Short Sale are most of the time the best route to take. A Short Sale here in Idaho will help stop the downward trend of home prices also keeping homes from becoming more distressed. (i.e. – a beat up home is a beat down home price)

If you or someone you know is needing help with their distressed home please contact Josh Groesbeck 208-353-7131 or www.homeswithjosh.com

http://kcmblog.com/2011/06/22/are-short-sales-getting-easier/

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Waiting To Buy A Home

April 12, 2011 By Leave a Comment

Buying a home is a personal decision that is usually the single largest investment of a lifetime.  This real estate downturn is now bigger than the great depression, fact.  Prices are soft but there are still a lot of reasons to be very serious about shopping for your future home.  If you are sitting on the fence waiting to time the market looking for the absolute bottom please continue to read.  The cost of your home loan is going to go up and that is going to affect you more than a sticker price on your home. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

Interest Rates Are Increasing

Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.
The 30-Year Mortgage May Disappear

There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate’s Is it curtains for the 30-year mortgage?
QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage’:

* Certain mortgage types would be eliminated
* You would need to put a minimum of 20% down
* You would need a minimum 690 FICO score
* The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).
Rents Are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc:

“Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

Bottom Line

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.

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Are Home Mortgage Rates Going Up

April 7, 2011 By Leave a Comment

The 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.72 percent, up from 4.71 percent at this same time last week.

As of now the  30-year fixed mortgage rate declined over the weekend, falling to 4.67 percent on Saturday, before climbing to the current rate.

Furthermore, the 15-year fixed mortgage rate on Tuesday morning was 3.98 percent and for 5/1 ARMs, the rate was 3.29 percent.

What are the rates right now? Check out www.homeswithjosh.com or call Whittney Curran at Academy Mortgage 208-489-1356.

Joshua Groesbeck 208-353-7131

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Idaho Buy Low and Buy Now

March 27, 2011 By Leave a Comment

Waiting for the bottom of the housing market can be very tricky and truth be told when you find it- Well chances are very high that you missed it and it is on the way back up- I wanted to leave and example of what waiting on the fence may cost you in the end. The market here in Idaho is still rocky in cities such as- Boise, Eagle, Meridian, Nampa, Caldwell, Kuna, Star and Middleton. Below is just an example of how interest rates compare to purchasing power. 208-353-7131 or josh@homeswithjosh.com

Let’s say you were going to take out a $200,000 30-year-fixed-rate mortgage in November of 2010. At that time, interest rates were 4.17% (as per Freddie Mac). Your principle and interest payment would have come to $974.54. According to the most recent report from Case Shiller house prices fell 3.9% in the 4th quarter of 2010. The most recent report from the Federal Housing Finance Agency shows a 0.8% fall in prices. Let’s use the larger percentage decrease: 3.9%.

For the sake of keeping the math simple, we will now say you can get the same house with a $192,000 mortgage (4% discount from November price). Interest rates are now 4.95% (as per Freddie Mac).

Your principle and interest payment would now be $1,024.84.

By waiting to pay less for the PRICE of the house, the COST increased over $50 a month. That adds up to more than $600 a year and over $18,000 over the life of the loan.

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Startegic Defaults Are On The Rise

March 2, 2011 By Leave a Comment

This is a great article below on Strategic Defaults- I was listening in on a webinar conference with the Vice President, Portfolio Retention, REO and Short Sales for Western US at Bank of America Home Loans...He made a comment about how people who bought their home at or near the peak will most likely see the value back in their home somewhere around the year 2030–And if that seems like a long time, that’s because it is.. Now that is a pretty bold statement and we hope that’s not the case.  Banks for years have used Strategic Defaults with plenty of money to spare but if a homeowner is sitting in a bad assest they are frowned upon. As I have represented many people short selling their homes there is always some pride that is lost- Somebody please tell me when a bank is defaulting, do they feel bad or is it just a smart business decision? Read more below..

Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

A growing number of home owners whose homes have dropped drastically in value are deciding to stop paying their mortgage and walk away from the property, even though they can afford to keep making the payments–a move known as strategic default.

The exact number of strategic defaults is unknown. A study conducted by the Federal Reserve Board showed that half of home owners who walked away from their home owed twice what their house was worth.

From celebrities to prominent business people to the average home owner, strategic default is a growing option more home owners are taking. For example, Morgan Stanley walked away last year from a $1.5 billion mortgage on five buildings in San Francisco despite record-breaking profits in 2009.

For some, strategic default has spurred a debate over ethics.

“Most people considering strategic default come to me and want my permission,” says Ronald Kaniuk, a foreclosure defense lawyer. “People who cannot pay their mortgage are apologetic. For people who can afford their mortgage or can just barely afford their mortgage and see it as a losing investment, they want absolution.”

But the stigma attached to strategic defaults is influenced by how many other people are doing it, says Luigi Zingales, an economist and professor at the University of Chicago’s Booth School of Business.

“Once you think it’s socially acceptable, it becomes easier to do,” Zingales says. But Zingales cautions home owners that strategic defaults hamper neighbors’ property values and can affect the home owner’s credit scores. Plus it can become a question of ethics–they are breaking a commitment they made to pay back the mortgage.
Source: “Some Homeowners who can Afford the Mortgage Still Default as a Strategy,” The Palm Beach Post (Feb. 27, 2011

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Multi-Family Housing In Meridian Idaho

February 17, 2011 By Leave a Comment

1071 West Pine offers this super nice 5 year old 4-plex for just $270,000 OBO!! Walking distance to the ever growing downtown Meridian,Idaho. Enjoy good local restaurants and craft stores. Easy Access to I-84 and all of the Treasure Valley. Could be a great opportunity for owner occupy have the renters make your payment while you get the tax exemption for owner occupied, call Josh for more info– All units are  rented with a solid rental history, don’t wait if this is for you because I am expecting multiple offers. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

To view this and all properties available in our local treasure valley market go to visit HomeswithJosh.com

If you are trying to save your home from Foreclosure please call Joshua for free consultation!

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HAMP Struggling With Cancellations Or Rejections

February 9, 2011 By Leave a Comment

Below are numbers for Bank of America, JP Morgan, Citi Mortgage, Wells Fargo and how they have been doing with HAMP ( Home Made Affordable Program)- Is your lender trying to foreclose on you? Would you like to minimize the damage to your credit and avoid foreclosure?     FREE CONSULTATION AND FREE SERVICE Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

As of November 30, 2010, there were an estimated 1,420,048 borrowers eligible for HAMP who are 60 or more days delinquent.

The servicer performance report released Monday by Treasury revealed that as of the final day of 2010 there are a total of 521,630 active permanent modifications and 152,289 active trial modifications.

By contrast there have been 1,025,907 homeowners rejected for HAMP modifications by the eight largest servicers, and there have been 572,655 canceled trial modifications.

To date there have been 1,466,448 HAMP trials started.

The report details numbers reported for several servicers, including the Bank of America (BofA), Citi, JP Morgan Chase, and Wells Fargo. Though the “big four” banks are leading the pack in numbers of modifications, the numbers are quite low over all when contrasted with the 3 to 4 million homeowners HAMP projected to help by 2012.

On top of that, it seems the pace of modifications is slowing dramatically.

Bank of America has the highest number of modifications of all surveyed servicers. The company reported it currently has 45,753 active trial modifications and 90,243 active permanent modifications.

In June, BofA reported it had completed 72,323 permanent modifications so far. The servicer completed just 6,484 modifications nationwide from November to December 2010.

BofA also has 199,196 homeowners in canceled HAMP trial modifications, and 114,531 homeowners who were not accepted for HAMP trial modifications. Of those homeowners, 18,031 are currently in the process of alternative modifications, 18,572 are in the process of short sales or deeds in lieu, 35,872 are experiencing foreclosure starts and 12,549 have completed foreclosures.

CitiMortgage reported a total of 42,746 active permanent modifications at year-end, and 7,415 active trial modifications. Citi has 81,329 homeowners in canceled trial mods and 128,665 homeowners who were not accepted for HAMP trial modifications, with 34,369 in the process of alt mods, 3,370 going through a short sale or deed in lieu, 8,864 foreclosure starts and 4,527 foreclosure completions.

JP Morgan reported 66,441 active permanent modifications, 20,7999 active trial modifications, and 113,997 in canceled trial mods. The servicer has denied the most homeowners HAMP modifications, at 334,462. Of those homeowners, 101,136 are in the process of alternative modification, 9,892 are in the process of short sales or deeds in lieu, 35,676 are experiencing foreclosure starts and 8,994 are in the process of foreclosure completions.

Wells Fargo reported 70,135 active permanent modifications and 18,526 trial modifications, as well as 118,395 in canceled mods. Wells has 172,387 homeowners who were not accepted for a HAMP trial modification, of those, 47,818 are pursuing alternative modifications, 10,550 are in the process of short sales or deeds in lieu. There are 18,914 foreclosure starts and 11,340 completed foreclosures.

The performance report says the most common causes of trial cancellations are insufficient documentation, trial plan payment default, and borrower ineligibility. Most common causes of trials not accepted are insufficient documentation, borrower ineligibility, or mortgage ineligibility.

Interestingly, Citi and JP Morgan experienced a decline in active permanent modifications from November to December.

Cumulative permanent mods recorded for Citi and JPMorgan in November 2010, were 52,856 and 67,722, respectively.



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Buying Time After Short Sale Or Foreclosure

February 3, 2011 By Leave a Comment

The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.

Federal Housing Administration (FHA)

1) Foreclosure is 3 years

2) Deed-in Lieu is 3 years

3) Short Sale is 3 years

4) Bankruptcy is 2 years

Veterans Administration (VA)

1) Foreclosure is 2 years

2) Deed-in Lieu is 2 years

3) Short Sale is 2 years

4) Bankruptcy is 2 years

Conventional Conforming (FNMA/FHLMC)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.

3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV

4) Bankruptcy is 4 years

Conventional Non-Conforming (JUMBO)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 7 years

3) Short Sale is 7 years

4) Bankruptcy is 7 years

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Boise State Broncos And ESPN Game Day

September 19, 2010 By Leave a Comment

Boise State Broncos and ESPN game day are finally here!! Fiesta bowls victories with undefeated seasons all the talk about this great program and ESPN finally gets it right. Saturday September 25th 2010 should be marked on your calendars as this not only huge for Boise it is just as large for the state of Idaho. Getting more of this national attention drives interest to Idaho. It has been said many times even if your not a BSU fan or college football fan how can you not be excited for an organization that is doing so well. The Boise Open is bringing lots of action to Boise local business’s and it is also on the Golf Channel for four days which brings attention from thousands of people that may not even know where Idaho is.. There will be millions of people watching this and thinking wow this Boise looks like a place I want to be. Here it is: Top 5 college football program that is nestled in the middle of the city of trees that includes a river that flows down through the heart, mountain ranges surrounding, communities filled with the neighbors you like to know – I will say it again, I love being from Idaho it’s the place we call home.

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com and of course www.homeswithjosh.com

The on-air personalities for ESPN’s College GameDay expect the 3-hour pregame show to originate from Boise State on Sept. 25.

Analyst Lee Corso triggered a round of banter among the show’s hosts Saturday morning when he said that Boise State doesn’t belong in the national championship discussion because of its schedule.

“And I’m saying it although we’re going to Boise State in a couple weeks,” Corso said on the air.

Show host Chris Fowler suggested that Broncos fans would remember that comment.

“That’ll be my kind of weather,” Kirk Herbstreit said.

“Won’t be his kind of crowd,” Fowler said, indicating Corso.

ESPN spokesman Mike Humes immediately tried to downplay the Boise State talk, but it’s clear the Boise State-Oregon State game is at the top of the list for Sept. 25.

“(Corso) was just speculating in good nature,” Humes said by e-mail. “We still need to make sure everyone wins.”

Boise State could face competition from the Alabama-Arkansas game that day. That contest has the potential to become a Top 15 blockbuster if the Razorbacks win this week at Georgia.

But if No. 3 Boise State (at Wyoming) and Oregon State (vs. Louisville) win Saturday as expected, it looks like one of college football’s coolest events will originate from the Boise State campus.

The Broncos and Beavers meet Sept. 25 at Bronco Stadium in a game slated to air on ABC, ESPN or ESPN2 (time TBA).

GameDay never has been to Boise, but it has flirted with the idea twice, most recently for last year’s Boise State-Idaho game.

This year, like last year, ESPN has sent Boise State preliminary information about what is required for a host site. ESPN targets a few games per weekend about three weeks in advance and then tweaks the list as games are played, Humes said.

The GameDay producers and on-air personalities usually come to a consensus Sunday morning about the site for the following weekend. They look for the biggest game of the day and compelling storylines, Humes said.

“You have to look at the full matchup,” Humes said.

And that has been the problem in getting GameDay to Boise. The Broncos’ best home games usually are played on weekdays. This year, though, the Broncos’ most-attractive home game falls on a Saturday.

Other notable games that day include Oklahoma-Cincinnati, West Virginia-LSU, UCLA-Texas, South Carolina-Auburn and Stanford-Notre Dame.

source: Chad Crippe Idaho Stateman
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Reasons Why Buying A Home Now Is Good

September 16, 2010 By Leave a Comment

We all have different reasons why and when we purchase a home.  Home prices have tumbled from a false appreciation that occurred during the boom years has left many of use cringing as our equity has been wiped leaving us even with our value or in most cases upside down in our mortgage. Buyers are wreaking the rewards from the high volume of homes that are currently on the market. If you can qualify to purchase a home the world is your oyster or in housing terms your dream home awaits you. Home loan interest rates are best we have ever seen and history shows when you are trying to time the absolute bottom of a market chances are it will have already hit and start back up.  In closing I say keep your eyes on the housing market and look for your home in your area chances are you might just find a place to call yours. Please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com for assistance.

10 Reasons to Buy a Home
Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
8. It’s forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

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